Thailand’s economic growth projected at 3.5-4.5 percent this year
Thai Minister of Finance Arkhom Termpittayapaisith has forecast the country’s economy would grow 3.5-4.5 percent this year driven by fiscal policy, exports and investment, despite an outbreak of the Omicron coronavirus variant remaining a challenge.
Bangkok (VNA) - Thai Minister of Finance Arkhom Termpittayapaisithhas forecast the country’s economy would grow 3.5-4.5 percent this year drivenby fiscal policy, exports and investment, despite an outbreak of the Omicroncoronavirus variant remaining a challenge.
According to him, 2021’s growth is estimated at only 1percent, as the vital tourism sector has yet to recover significantly. However,the resumption of Thailand's quarantine waiver for foreign tourists from nextmonth is expected to help boost the recovery.
The Thai Government plans to invest 900 billion baht (27.4billion USD) in infrastructure projects this year, Arkhom said, adding there arealso other public-private investment projects. After earlier 1.5 trillion bahtborrowing plans, the government can still borrow a further 10 percent of grossdomestic product (GDP) if needed.
With the price of goods rising, he said the government willtry to keep inflation within its 1-3 percent target range.
Sakkapop Panyanukul, a senior director at the Bank ofThailand (BoT), stated that inflation could be higher than forecasts but wouldnot disrupt the recovery. The BoT sees inflation at 1.7 percent in 2022 and1.4 percent next year.
The central bank expects GDP to show growth of almost 1percent in 2021, and 3.4 percent this year, which was recently trimmed from 3.9percent following the Omicron outbreak, he said.
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The business sector in Thailand is urging the government to reinstate the Test & Go quarantine exemption scheme to attract more tourists, as continued suspension of this program would spell significant economic loss.
Thailand will resume the Test and Go scheme from February 1 and apply the programme to all countries and territories in the world instead of being limited to 63 countries and territories as before, according to the country’s Centre for COVID-19 Situation Administration (CCSA).
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
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Tourists in Thailand (Photo: Xinhua/VNA) 
